Two Tap checks out $2.7 mln

Two Tap said Thursday that it has closed $2.7 million in seed funding. The investors included Khosla Ventures, Transmedia Capital, Digital Garage and Alexis Ohanian. Based in San Francisco, Two Tap is an automated checkout solution provider for consumers.

PRESS RELEASE

SAN FRANCISCO, Calif. – August 7, 2014 – Today Two Tap announced it has raised $2.7 million in seed funding and launched Two Tap 2.0, the first automated checkout solution that allows consumers to buy any product from any retailer on any mobile app or website. Featuring the most retailers of any online shopping cart with over 200 top companies, Two Tap is the fastest growing and most effective way for mobile app developers and publishers to enable purchases within their app and make money each time a consumer buys any product.

During the past six months, Two Tap has demonstrated phenomenal growth with a nearly 5,000-percent (50x) increase in monthly transactions. Its seamless solution has increased publishers’ mobile sales conversion rates by six to 10x, on par with desktop sales and among the industry’s best. The number ofsupported retailers also more than doubled with top brands being added. The company is well positioned to continue rapidly expanding beyond smartphones, tablets and desktop as its technology can be used on any web-connected device, including gaming consoles and wearable technology like Google Glass.

Two Tap’s unique API does not require any technical integration from retailers and provides real-time access to all the data of every product across their entire inventory. Retailers can reach millions of new consumers wherever they decide to spend their time online, whether it’s on their own site or with app developers or publishers. Unlike other shopping cart platforms that rely on retailers to upload limited product information, Two Tap empowers developers and publishers to sell any retailer’s product, increasing sales across the board.

The company’s “pass-through” model means retailers process their own payments and retain sales data while shoppers have the same consumer experience as if they were purchasing directly from the retailer. Shipping and billing information only needs to be entered once, and all future transactions are automated, further reducing friction.

“Consumers want to be able to purchase what they want when they want it, and Two Tap’s technology enables a seamless shopping experience for any product from any retailer on any device,” said Ben Ling, partner at Khosla Ventures. Mr. Ling was the founder and general manager of Google’s commerce group, which includes Google Wallet and Google Shopping. “We’re excited that Two Tap is delivering a fully integrated, scalable and secure checkout experience for retailers, publishers and customers alike.”

Already, Two Tap powers checkouts across the most vertical retail markets available today, including fashion, beverage, gaming, home improvement and décor, electronics, sports equipment and apparel, health, nutrition and much more.

“Our mission is to radically simplify online shopping for any product from any retailer on any device,” said Razvan Roman, CEO of Two Tap. “Our latest funding with investors who are very experienced in e-commerce further validates that our unique solution works and will scale faster than any other online checkout solution available today.”

The company plans to use the new funding for product development, marketing and recruiting to continue its rapid growth. Other high profile investors include the former CEO of Visa, Joseph Saunders; co-founder of Reddit, Alexis Ohanian; and co-founder of Posterous, Gary Tan, in addition to Transmedia Capital and Digital Garage.

Key Features and Benefits
Two Tap 2.0 now features instant order confirmation, placing orders 90 percent faster than before. The company also added email and phone authorization, eliminating the need to remember a password during the checkout process. Instead, consumers simply enter their email address to obtain a PIN code via text message. Other key features and benefits for publishers and retailers include:
· Universal shopping cart: Order multiple products from multiple retailers within one checkout interface
· Retain visitors: Consumers have a convenient way to buy products without leaving the mobile app or website
· Increased conversions: Simple checkout button leads to lower shopping cart abandonment
· Pass-through model: Retailers still process their own payments and keep their sales data while shoppers still receive standard order confirmation emails
· Affiliate ready: Two Tap 2.0 supports all major affiliate networks including Commission Junction, Rakuten Linkshare, Skimlinks and Viglinks, to name just a few
· Platform agnostic: API-powered interface means Two Tap supports desktop, mobile and wearable tech platforms
· Customer insights: Learn more about customers by keeping track of what they buy
Complete pricing information can be found here and API documents here. For product screenshots, company logos and founder headshots, download the Two Tap press kit.

About Two Tap
Two Tap is a universal shopping cart that allows visitors to automatically buy any product from any retailer on any device, app or website. The company helps publishers and retailers increase sales conversions for mobile and traditional online purchases across hundreds of millions of products. No technical integration is necessary from retailers making Two Tap the easiest and most effective way for mobile app developers and publishers to enable purchasing within their app and make money each time any product is purchased. Unlike other shopping platforms, retailers process their own payments and keep their sales data. Founded in 2012 by Radu Spineanu and Razvan Roman with headquarters in San Francisco, Calif., Two Tap is a Y Combinator company backed by Khosla Ventures, Green Visor Capital, Initialized Capital, SV Angel, Digital Garage and Transmedia Capital.